Economic statistics

The following statistics were released today on the state of the US economy:

The Commerce Department’s initial estimate of 2012 first quarter GDP is a below-trend—and lower than expected—2.2% annualized rate of GDP growth, down sharply from the 4Q 2011 rate of 3.0%. The GDP price index rose 1.5%. The GDP decline is mainly due to a 3% drop in government purchases. Strength was largely in personal consumption expenditures, which rose 2.9%.

Consumer sentiment is inching up, with the index rising to 76.4 for the month.

The Employment Cost Index rose 0.4% last quarter, mainly due to wage increases, though the increase is down from last quarter’s 0.5%. Year over year, the ECI is up 1.9%.

The following statistics were released today on the state of the US economy:

Initial unemployment claims were 388,000 in the latest week. Last week’s number was revised upwards again, this time by 3,000 to 189,000. The 4-week moving average rose by 6,250 to 381,750. Analysts were expecting only 375,000 claims this week, so the number was well above expectations.

Growth eased in the Kansas City Fed district over the last month, as the Manufacturing Index fell to 3 from last month’s 9.

In a more positive sign for the economy, the pending home sales index rose 4.1% to 101.4.

The Bloomberg Consumer Comfort Index fell to -35.8 in the last week from -31.4 the previous week.

The Chicago Fed National Activity Index shows an overall weakening in the economy, falling to -0.29. The 3-month moving average fell to 0.05.

The following statistics were released today on the state of the US economy:

Redbook is disappointing today, showing same-store, year-over-year retail sales up only 2.7%. In contrast to Redbook, ICSC-Goldman shows a 0.8% increase in sales over last week, with the year over rate rate up 3.6%.

New homes in March were sold at a 328,000 unit annual rate. This was slightly less than expected but was offset by large upward revisions to prior months.

The Case-Shiller Home Price composite 20 city index rose 0.2% last month, following a revised 0.1% dip the prior month. Home prices keep bouncing along the bottom. Meanwhile, the FHFA reports house prices in February rose 0.3%, following a 0.4% decline in January.

The Consumer Confidence Index fell one full point in April, to 69.2, mainly on falling income expectations.

The State Street Investor Confidence Index is down a sizable 3.9 points this month to 87.7, indicating falling confidence among institutional investors.

While manufacturing has been weakening according to other data, the Richmond Fed’s Manufacturing Index rose 7 points to 14.

The only thing on the economic calendar today is the MBA’s report on mortgage applications. Refinance applications rose 13.5%, while purchase apps dropped -11.2%, resulting in a composite index increase of 6.9%.